For the majority of its relatively short life, the cyber insurance market saw rapid expansion and nimbly evolved to meet changing cyber threats. Cyber insurance buyers enjoyed expanding coverage terms, plentiful capacity and flat to falling rates in a highly competitive insurance marketplace.
However, as we reported last year, the cyber insurance market hit an inflection point in late 2019. 2020 began with the first real signs of a hardening insurance market as the larger, more sophisticated risks in specific industry sectors became subject to greater underwriting scrutiny and, ultimately, increased premiums. That trend continued and accelerated into the latter half of 2020, and we expect the insurance marketplace to become even more challenging in 2021.
View our 2021 Cyber Insurance Market Conditions Report for guidance on the current market and the road ahead.
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